Worse than Madoff (C-SPAN Q&A) – Tavakoli

TAVAKOLI: Well, so far they’ve gotten away with the largest Ponzi scheme in the history of the capital markets …

LAMB: Gotten away with it?

TAVAKOLI: … It dwarfs. They’ve gotten away with it so far.

LAMB: Kept a lot of their own money?

TAVAKOLI: Yes. It dwarfs what Madoff did. …

This has been a huge crime on the American economy and so far, people aren’t being held accountable and we’re bailing out a lot of bad guys no questions asked. In some cases, we have to recapitalize the financial system, but the money that we’ve thrown in has, you know, been like throwing water on sand because we really needed to put some of these institutions into receivership. …